Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-08
FIGURES ON THEDEBT
A 100000 PROPOSITION PROM THE
B0SDHOLDERs.
This the legislative COMMITTEES Reject
Further Developments Expected
TO-Morrow.

The legislative debt committee met atthe
Allen house al 10 O'Clock Yesterday, when
they received a written proposition from
Messrs. Thornton aud Braithwalte that the
State settle with her creditors on the basis
Of an annual interest charge OF 100000.
The undlminished principal OF the public
deut OF Virginia with capitalization Of In
terest exceeds S3j. 100000, bus the State
Owls more than az, 100000 Of new 3s,
bought with the surplus I'm the Treasury:
the UnHed STATES Government holds bon j.
end accumulated interest TO the amoun' OF
sl,300,c00, which the state will never be
csll6d upon TO pay. a. Virginia has an OF
SGT for more than that amount on account
OF 1912 wGr.claims, aud the, safe
owns stock in the Fredericksburg road
20 very large amount. which
can be sold and made 10 reduce the princi-
pal Of the debt. Altogether II l. cOnteuded
by the bondholders that the state can at
any moment abate The principal 10 less Than
SO, coo. coo. But, admitting that this state
u.eDt Is correct and that the Legislature
and people would ever acknowledge their
obligation for so large a sum. T. Is a ques-
iion whether we can pay 100000 per an
mum interest. Messrs. Thornton and
Dr .itbwaite say we certainly can. The
legislative committee think we cannot, and
20 ihes rejected the 100000 proposition,
aud wrote The commissioners TO that effect,
md then adjourned until =. VI.
IL TUE HOUSE.
In the House Of Delegates Yesterday Mr..
FUlkersoD, Of Washington, offered the FOL
lowing:
Resolred (ihe Senate concuning), That the
ioint committee on tho debt conference shall
make n final report Of the result Of the pro
ceedines OF the conferences with the committee
| Of the Council Of Foreign BOndholders on Mon
day next, the 9Th day Of May, 1917.
Mr.. Fulkerson rose TO speak to his reSo-
luton. In its behalf be said be saw yeiy
good reason Tor passing 1t unless some
mtmh,r OF the committee on the debt could
give some excuse for further delay. tn,
session is drawing 10 a close, the weIthcris
getting hot, and il is time to begin work on
the debt question.
Mr.. Pollard, for q member Of the debt
committee, said:
81 hope the resolution will be referred, as
think IL Is premature. do not know that 1t IL
true, "a has been stated by the gentleman
from Washington (Mr. Fulkerson), that the
House H. In the hands Of the committee. OF
| course We are but the creatures OF the creator
and this House can discharge US at any time
and thus got rid OF these negotiations. II may
10 that delays are dangerous, but necessary
delay in this case sdenRerOus, think, 70 those
who desire a continued agitation Of this ques-
| ton. surely reasonable delay should he ac-
| corded 20 the committee when wO remember
| he importance Of hDnl settlement Of this
| harasslng and distressing question.
| "Ihey the commissiOners) understand the
| situation; they know the session is drawing 10
| 3 closo and will on no occasion prolong nego-
tiaiious longer than Is absolutely necessary Tor
| the COED Of everybody in tho Commonwealth,
| without regard TO party
| The resolution was overwhelmingly de-
feat,d Mr.. Fukerson being the only one
| voting for II.
| AFTERNOON SESSION or THE COMMITTEE.
TIE legislative committee met at +. NJ,
| exltcling to bear from Mes,rs. Thornton
| aud BrIiihwaitc, but got no answer They
| then adjourned 10 meet tomorrow morn
| ing at 10 O'Clock, when IT is expected that
| the English gentlemen VIII be heard from
| agap.
| several members OF the committee re-
| gard the $4,000 proposition A. mere
'fe,ler." They think that they will have
| offer. II far better terms than these.
II j. believed that majority OF tue mem
| bcIs Of our committee see the way clear for
the STATE paving $3.50, 900 per annum in
| iutd. The two Auditors and Treasurer
| agree that we now have net revenues
| amounting to SGG4,0 and they take no
| account OF The g, %, GOO Of new IS (Which
| csn he cancelled at any mOmcnt ana of the
| bonds held by the United States Govern.
men, which are never to be paid.
| The communication yesterday received
| from Messrs. thornton and Brlith~aite,
| however, made 10 aliusOn TO the princt-
| pol.
Whar they asked was that the committee
| proceed 10 treat with them on the 100000
| basis. Our committee, 10y vote OF q to 4,
| thought they could 90 as high a 100000.
| II that much could be settled Messrs.
| Thornton aud Braithwaite would Ontr
| their plan as TO determining the amount
| Of principal and % to capnaizing the in-
| tCIest due.
| COUPONS LOWER.
The fact th2t considerable quantities OF
| coupons within few DAYS past have been
| thrown upon The markets OF London and
Baltimore aud sold for less than heretofore
| held indicates an understanding that over
| due COUPONS are To be capitalized far below
| lar probably at 20 cents on the dollar.
As "foelcr" NcssTs. Thornton and
| BraiiEwaite indicated some days ago that
| they wanted per cent. on the cOnSOl DEBT
and per cent. on The McCulOch.
The hondholdcrs consider X-rcceiyablc
coupons on the ueN, a S,Hc ora non.
| N,S.rs. Thornton and Brithwaite have
never Vet said what powers they have t.
core ude nrgoliitlOns, and 1t has never
been asccrt1ined BY the committee.
4 majority of the legislative committee
are very Hopeful indeed that settlement
VIII le reached: but It l. conceded that t.
accomplish it MessrS. Thornton and Braiih
waite must acceIt terms in the near neigh
b,rhood OF The Hiddleberger bill.